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Mortgage Market Update
Jessica Firmiano
Jessica Firmiano
Thursday, September 3, 2026
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Picking the right loan type for you |
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Hi there—this week I want to cover something fundamental that sometimes gets overlooked: the different mortgage programs available and why the one you choose really does matter.
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National Mortgage Rates · August 27, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Mortgage Basics
Why your loan type matters more than you think
Not all mortgages work the same way, and picking the right one can shape your financial life for years. Some loans lock in your rate for the entire term—predictable and steady. Others adjust over time, which might start lower but change with the market. Then there are programs designed for specific situations: first-time buyers, those with less-than-perfect credit, or borrowers who want to put down less upfront. The right choice depends on your timeline, risk tolerance, and what you're trying to accomplish. I'd love to walk you through your options so you understand not just the terms, but why one might fit your situation better than another.
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Tip of the Week
Schedule a plumber to inspect older homes for slow leaks — water damage is expensive and often hidden until it's serious.
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Tips for Homeowners
Jumbo Loans: What They Are and How They Work
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1.
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A jumbo loan exceeds the conforming loan limit set by the FHFA — $766,550 in most areas for 2024, higher in designated high-cost markets. These loans can't be sold to Fannie Mae or Freddie Mac.
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2.
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Jumbo loans typically require stronger credit (often 700+), larger down payments (10–20%), and more cash reserves. Underwriting is more thorough and can take longer.
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3.
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Rates on jumbo loans are sometimes comparable to or even lower than conforming rates, depending on market conditions. Don't assume a jumbo loan means a worse deal — shop lenders.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Jessica Firmiano team any time and we'll walk you through your options. |
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6 Wills Way, Piscataway, NJ 08854
(908) 656-3886 | https://petracephasinc.theradcrm.com/
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